# Illinois HB3477: SM BUS FINANCING TRANSPARENCY

Illinois HB3477, SM BUS FINANCING TRANSPARENCY, is a 104th General Assembly (2025–2026) House bill sponsored by Dagmara Avelar (Democratic); status in committee, last action 2025-04-11 (Rule 19(a) / Re-referred to Rules Committee) (as of 2026-11-01).

- Canonical: https://policyrisk.com/state-bill/IL-HB3477-2025-2026
- As of: 2026-11-01
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Illinois HB3477
- State: Illinois
- Session: 104th General Assembly (2025–2026)
- Title: SM BUS FINANCING TRANSPARENCY
- Status: in committee
- Chamber: House
- Introduced: 2025-02-07
- Last action: 2025-04-11, Rule 19(a) / Re-referred to Rules Committee
- Sponsor: Dagmara Avelar (Democratic)
- Cosponsors: 0
- Subjects: financial institutions and licensing
- Touches household money: no
- Roll calls: 1 (8 yes, 4 no in all)
- Economic provisions PRIA read: 0

## Summary

Creates the Small Business Financing Transparency Act. Sets forth provisions concerning disclosure requirements for sales-based financing, closed-end commercial financing, open-end commercial financing, factoring transactions, renewal financing, and other forms of financing. Provides that all commercial financing shall include a clear and conspicuous notice on how to file a complaint with the Department of Financial and Professional Regulation. Provides that the Department may adopt rules. Provides that upon a finding by the Secretary of Financial and Professional Regulation that a provider has violated the provisions or rules, the provider shall be ordered to pay the Department a civil penalty for each violation of the provisions or any rule not to exceed $10,000 for each violation, or if a violation is willful, $20,000 for each violation. Sets forth provisions concerning cease and desist orders, injunctions, investigation and examination, civil actions, violations, and registration. Provides that a violation of the provisions constitutes an unlawful practice in violation of the Consumer Fraud and Deceptive Business Practices Act. Defines terms. Makes a conforming change in the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Dagmara Avelar (Democratic), House

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2025-03-18 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; | pass | 8 | 4 |   |

## Actions (9)

- 2025-04-11: Rule 19(a) / Re-referred to Rules Committee (House)
- 2025-03-26: Placed on Calendar Order of 3rd Reading - Short Debate (House)
- 2025-03-26: Second Reading - Short Debate (House)
- 2025-03-19: Placed on Calendar 2nd Reading - Short Debate (House)
- 2025-03-18: Do Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000 (House)
- 2025-03-11: Assigned to Financial Institutions and Licensing Committee (House)
- 2025-02-18: Referred to Rules Committee (House)
- 2025-02-18: First Reading (House)
- 2025-02-07: Filed with the Clerk by Rep. Dagmara Avelar (House)

## Bill text

- Engrossed: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB3477eng.pdf)
- Introduced: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB3477.pdf)

## Related bills

- HB5198: AFFORDABLE HOUSING-CILAS (passed house)
- SB1937: PENSION CODE-VARIOUS (passed senate)
- HB2563: CONDO-RESERVE STUDY (in committee)
- HB4701: LIMITATIONS FACILITY FEES ACT (in committee)
- SB3008: DHS-ABLE PROGRAM INFO MATERIAL (passed senate)
- SB3484: VEH CD-PLATES-REGISTRATION (signed)

## Sources
- [Engrossed (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB3477eng.pdf)
- [Introduced (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB3477.pdf)

## Related
- [HB5198: AFFORDABLE HOUSING-CILAS](https://policyrisk.com/state-bill/IL-HB5198-2025-2026)
- [SB1937: PENSION CODE-VARIOUS](https://policyrisk.com/state-bill/IL-SB1937-2025-2026)
- [HB2563: CONDO-RESERVE STUDY](https://policyrisk.com/state-bill/IL-HB2563-2025-2026)
- [HB4701: LIMITATIONS FACILITY FEES ACT](https://policyrisk.com/state-bill/IL-HB4701-2025-2026)
- [SB3008: DHS-ABLE PROGRAM INFO MATERIAL](https://policyrisk.com/state-bill/IL-SB3008-2025-2026)
- [SB3484: VEH CD-PLATES-REGISTRATION](https://policyrisk.com/state-bill/IL-SB3484-2025-2026)
- [Illinois bills](https://policyrisk.com/states/illinois/bills)
- [Illinois state hub](https://policyrisk.com/states/illinois)
- [All state legislation](https://policyrisk.com/state-bills)

Source: PRIA, https://policyrisk.com/state-bill/IL-HB3477-2025-2026 (as of 2026-11-01).